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Home My WebLink About1978 ! s.,~d :^ortR,~~;or clut~s hE•re-b~ fulit ~~~:~cr,~nt the title to sard land. and e~•er~• patt thereo[, and w•t!i delrnd tt?e same .,k.~inst th~ laHful cl:?~ms of all pcrsuns Who~s.:oe~•ei. PROVIDED ~L1CA1'S, and these presents :+re executcd and deltcered upon the follow~tng conditions, to wit: 7'he mortg~+gur ~Krres to pa}• the murtgagrr, or order. the principal sum of j~jJjrl'~ 'j'H~jjS~~D gjG~fl' xurmxm axn rp/loo.------------------------------------------------------------------ Uollars (S 11~~$QQ~00 as e~~tdrncrd b~~ a ~ote uf e~~en date herewith, w•ith ~nterest fcum date at the r:~te o[ S@V@ri per centum ( 7 a) per annum on the unpaid balance until paid. The said pnncipal and inte~c•st shall be pa~•able at the office of J. 'i`. $te~IB~`t j~prtg8gg Cp~At'I~y~ Inc. - 100 Miracle Mile, Cora1 Gables, Florida 33134 .~r at such other place as the holder of the note may designate ~n writing, in monthly ~nstallments ut $inpty ~ LYght 8I1d 5'T~100------------------------- Dollar~ (S 98.5'T comn~encing on the f~rst da~• of MBTCh , 19 'j2, and on the first day of each month thereafter untiltheprincipal and interest are [uil~• paid, except that the iinal payment of principal and interest, if not sooner paid. shall be due and pat•able on the first day of F@b2`Li82'y 2002. And shall duly, promptly, and full~• pe~form, discharge, execute, effect, compiete, and comply w•ith and abide by each and e~•er~• the stipulations, agreements, conditions, and co~•enants of said promissory note and of this mortg:,ge, then this mortgage and the rstate hereb} created shall cease and be null and void. Ar.d the mortgagor further co~•enants as follows: 1. That he will pay the indebtedness, as hereinbetore procided. Privilege is rese~ved to pay the debt in whole. or in an amount equat to one oc more moothl~~ payments on the principal that are next due on the note. on the first ~ . n. :,1...~ ~ .a~ rl~ r t n ti an ts• t c?n tn F+ P ricp e~ ~h ~1t1\•IIPgP ~ a:~a.h pri~: t~ a:a .::it~: h~e~ r. at ~ i ten e__se o iR_ n i x r_ } is given at least thirty (30) daps prior to prepayme~t; and, prot•ided further, that in the e~ent the debt is paid in full p~ior to maturit~~ and at that time it is insured under the provisions ot the hational Nousing Act, he K~iil pa}• to the mortgagee an adjusted premium charge of one per centum (i o) of the original principal amount thereof, eacept that in no e~~ent shall the adjusted premium exceed the aggregate amount of premium charges which Kould have been pa~•able if the mortgage had continued to be insured untii maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Development on account of mortgage insurance. 2. That, in order more Eully to protect the security of this mortgage, the mortgagor, together with, and in addi- t~on to, the monthl~ payments under the terms of the note secured hereby, on the first day of each month until the said note is fully paid, will pay to the mortgagee the following sums: -~~1 An a:nuunt suf(ic~ent to provide ihe holder hereo( vcrth [unds to pa~• thr nexi mortgage insurance prem~um ?f this instru- mrnt and the note secured hereby are insured, or a monthip charge (tr. lieu o[ a mortgaKe insurance prrmium) if they~ are held by~ the Secretaty of Housing and Urban Developtc:ent, ss follo~cs: l( and so long as said note ot eren date and this insirument are i~sured or are reinsurrd under the prov~sions o( the \etionul Nousing Act, an amount su[(~c~ent to accumulatr in the hands o( the holder one (1) month prior to its due date ihe annual mortgage msurance prem~um. :n order to provide such holdtr aith fun~s to pay such premium to the Secretar~• uf Hu~s~ng and Urb•an Development pursuant to the National Hausi~g Act, as amended, and applicable Regu- ;atwns thcreunder; o~ ; i!I) I( and so long as said nutr of e~en date and this mstrument are held by the Secretary of Housing and Urban Devetop- ; nent, a monthly charge (in lteu of a mongage insurance premtuml which shall be in an amuunt equal to one-twrlfth F (I i~? of one-half (1•) per centum ot the average outstanding balance due on the note computed without taking into ~ account delinquencies or prepayments; ' k /?~1 A sum equal to the ground rents, it any, next due, plus the prem~ums that w•ill next become due and pa~•able on policirs ; of (~re and other hazard ~nsurance covering the mortgagrd property. plus taxes and assessments next due on the mort- Kaged proprrty (all as est~mated by the r.iortgager) less all sums already paid therefor di~•ided by the number of months ~ ~ to elspse before one month prw~ to the date when such ground rents, premiums, taxes, and assessments wilt become de- I~nquent, such surns to be held by mortgagee ?n trust to pay said ground rents, premiums, taxes, and special assessments, ~ ;i and - ; ) All payments mentioned in the two preced~ng subsecttons o( this paragraph and all payments ro be nade under the note ~ ~ srcured herrby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a ; ~ s~ngle paymrnt to be applied by the morteagee to the [ollowing items in the order set forth: ~ 4 ~ (I) premium charges under the contract of ?nsurance with the Secretary of Housing and Urban De~•elopment, or monthlq f rharge (in Iteu of mortgage ~nsurance premium), as the case may be; ~ ~ (I!) ground rents, tazes, assessments, [ire, and other hazard insurance prem~ums; ~ M - (111) mterest on the note secured hereby; and ~ (IV) amortization of the prtncipal of sa~d note. ~ Any~ de[iciency in the ar.iount of such aggregate monthiy Qayment shali, unless made good by the mortgagor ~ prior to the due date of the next such payment, constitute an event of default under this mortgage. The mortgagee - may co7t~t a"late charge" not to exceed two cents (2C) for each dollar (S1) of each payment more than fifteen (15} days in arrears to cover the extra expense involved in handling delinquent payments. ~ 3_ That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shail exceed u; the amount of payments actually made by the mortgagee, for ground rents,. taxes and assessments and insurance - premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be made b~• ihe mortgagor. If, however, the monthly payments made by the mortgagor under (6) of paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case may be, w~hen the same shall become due and payable, then the mortg~gor shall pay to the moctgagee any amount - necessary to make up the deficiency, on or before the date when payment of such ground rents, taxes, assessments. - or insurance premiums sha11 be due. If at any time the mortgagor shalltender to the mortgagee in accordance with ~ the pro~•isions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- _ gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments ~ = made under the provisio~s of (a) of paragraph 2 hereof which the mortgagee has not become obligated to payto } tbe Secretary of H~using and Urban Development and any balance remaining in the funds accumulated under the ` ~ pro~•isions ot (L) of sa~d paragraph 2. If there shalt be a default under any of the provisio~s of this mortgage, re- sult~ng in a pubiic sate oE the premises covered iereby, or if the mortgagee acquires the property otherwise a(ter f = default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- s erty is otherwise acquired, the balance then remaining in the funds accumulated under (6) of paragraph 2 preceding ~ as a credit against ihe amount of principal then remaining unpaid under said note and shall properlyadjust any ~ ~ payments which shall have been made under (u) of said paragraph. 4. That he wiU pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositions, for which provision has not been made hereinbefae, and in default thereof the mortgagee may pay 'i~ the same; and that he will promptly deliver the official receipts therefor to the mortgagee. BOCK1g8 PACE1975 $ pi:;1